The global nuclear industry‘s $370 billion power shares cover 14pc of global energy needs that emit near-zero emissions. To achieve these results, nuclear energy plays with one of the most dangerous types of naturally occurring substances on earth.
According to consulting company Frost & Sullivan, the nuclear crisis in the wake of an earthquake and devastating tsunami that rocked Sendai, Japan showed vast possibilities of the aftermath of the situation.
The two key market experts in nuclear power from Frost & Sullivan, Senior Adviser Jonathan Robinson and consultant Enguerran Ripert, as well as the director of North American research Roberta Gamble, have shared their views on nuclear industry‘s past, present, and future.
Japan’s nulcear crisis has been dubbed as the biggest in 25 years period, almost comparable to the Chernobyl incident. Following the financial crisis two years ago, governments around the globe are urged to take extra precautions in handling the imminent crisis in Japan’s nuclear industry to mitigate public anxiety over the matter, especially that their spending cut efforts are still in the eyes of many.
Otherwise, they could lose public trust which would eventually lead to their ouster in the next elections.
“The new nuclear projects always face challenges because of the high level of capital investment required to build new plants, as well as concerns about the potential of the project duration and cost overruns and demand for electricity is also lower in some key markets,” according to Jonathan Robinson.
He added that although the crisis in Japan’s nuclear industry has complicated this situation, several of European governments are still confident in investing in nuclear energy.
However, Liberal Democrat deputy prime minister Nick Clegg has raised doubts over the cost of putting up a nuclear plant after the Daiichi disaster. This comes amid calls from the private sector that rejecting nuclear energy as a viable technology may jeopardize Britain’s energy security.
“The private sector has certainly become more important pillar of the nuclear sector over the medium term, but state and government have a strong interest in the field as long as keeps going,” Ripert Enguera noted.
As a result, several projects of the government are deliberately delayed, while the issue of nuclear industry’s cost of electricity and the imminent addition of more safety features could cost billions on the current projects that are underway, including pipeline projects.
The market experts at Frost & Sullivan have exerted their efforts toward reviewing the possible impact of these projects on US and European nuclear industry, and what changes could be adopted in the short and medium term.